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Shopping Neighborhood

Marshall Plaza

975 W College St, Marshall, MO 65340

Listing Price: $3,145,000

Cap Rate
7.00%
Gross SF
125,670
Rentable SF
125,670
Price/Gross SF
$25.03
Lot Size
15.32 acres
Year Built
1983

Investment Overview

Marcus & Millichap, on behalf of ownership, is pleased to present Marshall Plaza, a 125,674 square-foot value-add shopping center in Marshall, Missouri. The subject property is currently 40 percent occupied by a strong mixture of complimentary tenants, including Aldi, Dollar General, Sherwin Williams, Hibbett Sports, and Subway. Marshall Plaza is situated on 14.2 acres and is one of the longest standing shopping centers in the region. The subject property was originally constructed in 1983, and has since been consistently renovated and redeveloped to keep a top-tier modern look. The 60 percent or 74,857 square-feet of upside is spread out amongst six units, ranging from 2,000 to 43,000 square-feet and ownership has the ability to demise, reconfigure, and cater the spaced to incoming tenants. Marshall Plaza has a prime layout, where all units have strong frontage, and all units are right-sized, meaning they do not have overly deep bays. Up until recent history, Marshall Plaza was a stabilized asset, however in 2015, the Missouri-based Patricia's Cost-Plus Foods closed all their locations leaving 43,202 square-feet unoccupied, and then Covid-19 forced the bankruptcy of Gordmans, who occupied14,850 square-feet, as well as the closure of Factory Connection, who accounted for around 7,000 square-feet. The upside at the site proves to be tangible, and the current tenant base allows for strong cash-flow during the lease-up process. As noted, prior, the current tenant base has shown resilience and success at the site. Aldi is the sites largest tenant, occupying 13,265 square-feet, and has been at the site since 2008. Dollar General is the sites second largest tenant, occupying 10,000 square-feet, and proves to be one of the longest standing Dollar General stores in the nation with over 48-years of operating history. Sherwin Williams is also a long-standing tenant, having commenced a lease in 1978. Sherwin Occupies a single-tenant building on the east side of the center. The remainder of the tenant base has staggered leases, with healthy rental bumps in options. Majority of tenants are encumbered with triple-net leases which reimburses majority of Tax, CAM, and Insurance expenses. Marshall Plaza is located at the hard corner of Highway 65 and College Street, which is one of the busiest intersections in town seeing over 21,802 vehicles per day. The subject property is situated at the juncture of the dense residential district and the areas main retail corridor. Immediate demographics in the surrounding area are dense and mature, with population counts of 5,103 within one-mile, and 13,182 within three-miles. Surrounding retailers in the area include McDonalds, who chose Marshall Plaza as a relocation site, Taco Bell, AutoZone, Orscheln, CVS, Dollar Tree, Walmart, Applebee’s, Casey’s, BreakTime, Sonic, AT&T, and R.P. Lumber. The city of Marshall is located 80-miles East of Kansas City, 50-miles west of Columbia, and is the county seat of Saline County.

Investment Highlights

  • 125,670 Square-Foot Value-Add Shopping Center in Marshall, Missouri | Offered at Only $25 per Square-Foot
  • Occupied by Aldi, Dollar General, Sherwin Williams, Hibbett Sports, Subway, Liquor Store, Car Wash, and Local Mexican Restaurant
  • Currently 40 Percent Occupied | 74,857 Square-Feet of Upside | Vacancies Span Six Units Ranging 2,000 – 43,000 Square-Feet
  • Strong Historical Occupancy | Stabilized Up Until Recently | Grocery Chain Closed Business Leaving 43,202 Square-Feet of Vacant | Covid-19 Forced Bankruptcy of Gordmans = 14,850 Square-Feet and Closure of Factory Connection = 7,000 Square-Feet
  • Stabilized CAP Rate of 18.22 Percent | Assumes Cheap Rent Averaging Only $6.42 per Square-Foot | Certain Current Tenants have Reduced Rent Obligations Due to Occupancy Co-Tenancy | Dual Upside When Stabilized
  • Long Standing Tenant Base | Dollar General = 1973 | Sherwin Williams = 1978 | Aldi = 2008 | Subway = 1990 | Car Wash = 1989
  • Prime Hard Corner Location at Highway 65 and College Street which Sees Over 21,700 Vehicles per Day
  • Marshall is Located 80-Miles East of Kansas City and 50 Miles West of Columbia | County Seat of Saline County

Exclusively Listed By

Financing By

Shopping Neighborhood

Marshall Plaza

Listing Price: $3,145,000

Cap Rate
7.00%
Gross SF
125,670
Rentable SF
125,670
Price/Gross SF
$25.03
Lot Size
15.32 acres
Year Built
1983

Investment Highlights

  • 125,670 Square-Foot Value-Add Shopping Center in Marshall, Missouri | Offered at Only $25 per Square-Foot
  • Occupied by Aldi, Dollar General, Sherwin Williams, Hibbett Sports, Subway, Liquor Store, Car Wash, and Local Mexican Restaurant
  • Currently 40 Percent Occupied | 74,857 Square-Feet of Upside | Vacancies Span Six Units Ranging 2,000 – 43,000 Square-Feet
  • Strong Historical Occupancy | Stabilized Up Until Recently | Grocery Chain Closed Business Leaving 43,202 Square-Feet of Vacant | Covid-19 Forced Bankruptcy of Gordmans = 14,850 Square-Feet and Closure of Factory Connection = 7,000 Square-Feet
  • Stabilized CAP Rate of 18.22 Percent | Assumes Cheap Rent Averaging Only $6.42 per Square-Foot | Certain Current Tenants have Reduced Rent Obligations Due to Occupancy Co-Tenancy | Dual Upside When Stabilized
  • Long Standing Tenant Base | Dollar General = 1973 | Sherwin Williams = 1978 | Aldi = 2008 | Subway = 1990 | Car Wash = 1989
  • Prime Hard Corner Location at Highway 65 and College Street which Sees Over 21,700 Vehicles per Day
  • Marshall is Located 80-Miles East of Kansas City and 50 Miles West of Columbia | County Seat of Saline County

Investment Overview

Marcus & Millichap, on behalf of ownership, is pleased to present Marshall Plaza, a 125,674 square-foot value-add shopping center in Marshall, Missouri. The subject property is currently 40 percent occupied by a strong mixture of complimentary tenants, including Aldi, Dollar General, Sherwin Williams, Hibbett Sports, and Subway. Marshall Plaza is situated on 14.2 acres and is one of the longest standing shopping centers in the region. The subject property was originally constructed in 1983, and has since been consistently renovated and redeveloped to keep a top-tier modern look. The 60 percent or 74,857 square-feet of upside is spread out amongst six units, ranging from 2,000 to 43,000 square-feet and ownership has the ability to demise, reconfigure, and cater the spaced to incoming tenants. Marshall Plaza has a prime layout, where all units have strong frontage, and all units are right-sized, meaning they do not have overly deep bays. Up until recent history, Marshall Plaza was a stabilized asset, however in 2015, the Missouri-based Patricia's Cost-Plus Foods closed all their locations leaving 43,202 square-feet unoccupied, and then Covid-19 forced the bankruptcy of Gordmans, who occupied14,850 square-feet, as well as the closure of Factory Connection, who accounted for around 7,000 square-feet. The upside at the site proves to be tangible, and the current tenant base allows for strong cash-flow during the lease-up process. As noted, prior, the current tenant base has shown resilience and success at the site. Aldi is the sites largest tenant, occupying 13,265 square-feet, and has been at the site since 2008. Dollar General is the sites second largest tenant, occupying 10,000 square-feet, and proves to be one of the longest standing Dollar General stores in the nation with over 48-years of operating history. Sherwin Williams is also a long-standing tenant, having commenced a lease in 1978. Sherwin Occupies a single-tenant building on the east side of the center. The remainder of the tenant base has staggered leases, with healthy rental bumps in options. Majority of tenants are encumbered with triple-net leases which reimburses majority of Tax, CAM, and Insurance expenses. Marshall Plaza is located at the hard corner of Highway 65 and College Street, which is one of the busiest intersections in town seeing over 21,802 vehicles per day. The subject property is situated at the juncture of the dense residential district and the areas main retail corridor. Immediate demographics in the surrounding area are dense and mature, with population counts of 5,103 within one-mile, and 13,182 within three-miles. Surrounding retailers in the area include McDonalds, who chose Marshall Plaza as a relocation site, Taco Bell, AutoZone, Orscheln, CVS, Dollar Tree, Walmart, Applebee’s, Casey’s, BreakTime, Sonic, AT&T, and R.P. Lumber. The city of Marshall is located 80-miles East of Kansas City, 50-miles west of Columbia, and is the county seat of Saline County.

Exclusively Listed By

Financing By

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